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SNB says successfully tested use of digital currency to settle transactions with top investment banks

Summary:
The latest trial could see the introduction of central bank digital currency move a step closer in Switzerland. The SNB says that they integrated the digital currencies into payment systems and used them in simulated transactions involving UBS, Credit Suisse, Goldman Sachs, and Citigroup. The test showed it was possible to instantaneously execute payments, ranging from CHF 100,000 to CHF 5 million, elimination counter-party risk. I still think it will be a while before this becomes a whole thing but if anything, it looks like any rollout could take place rather quickly given how central banks are continuing to do their due diligence in the meantime. ADVERTISEMENT – CONTINUE READING BELOW [embedded content]

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SNB says successfully tested use of digital currency to settle transactions with top investment banksThe latest trial could see the introduction of central bank digital currency move a step closer in Switzerland. The SNB says that they integrated the digital currencies into payment systems and used them in simulated transactions involving UBS, Credit Suisse, Goldman Sachs, and Citigroup.

The test showed it was possible to instantaneously execute payments, ranging from CHF 100,000 to CHF 5 million, elimination counter-party risk.

I still think it will be a while before this becomes a whole thing but if anything, it looks like any rollout could take place rather quickly given how central banks are continuing to do their due diligence in the meantime.


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